IPDC recommends 15pc dividend, revises rights issue proposal
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The board of directors of IPDC Finance has recommended 7.0 per cent cash and 8.0 per cent stock dividend for the year ended on December 31, 2018, said an official discourse on Monday.
The board has also revised rights shares issuance at a ratio of 1R:2 (1 rights share for every 2 shares held) at Tk 12 each (instead of previously declared price of Tk 13 per shares) including premium of Tk 2.0 per share after considering 8.0 per cent stock dividend for the year 2018.
It is subject to approval of shareholders in the EGM, BSEC and complying with the requirements embodied in relevant laws and regulatory authorities concerned.
Purpose of rights issue is to cope with the business growth and strengthen the capital base of the company with as well as maintain capital on required by Bangladesh Bank.
Moreover, as on December 31, 2018, the land and building of the company has been revalued by the professional valuer which stands at Tk 369.91 million against written down value of Tk 144.57 million.
The EGM and AGM will be held on March 31 at 10am and 10:30am respectively, Venue of EGM and AGM: To be notified later.
The record date for EGM and AGM is March 04.
Another record date for entitlement of the proposed rights shares will be notified later after obtaining approval from BSEC.
In 2017, the company disbursed 20 per cent stock dividend.
Each share of the company, which was listed on the Dhaka bourse in 2006, closed at Tk 42.60 on Sunday at Dhaka Stock Exchange (DSE).
The company’s paid-up capital is Tk 2.18 billion and authorised capital is Tk 4.0 billion, while the total number of securities is 218.16 million.
The sponsor-directors own 51.05 per cent stake in company, the government owns 21.88 per cent, while institutional investors own 14.30 per cent, foreign 1.82 per cent and the general public 10.95 per cent as on December 31, 2018, the DSE data shows.